Ideal Billing Solutions is a medical billing services company in West Palm Beach Florida. Since October 1, 2015, the company has gotten phone calls from physicians and healthcare providers asking questions about ICD-10. Treatment centers, rehabilitation centers and hospitals outsource their medical billing to Ideal because they are experts in ICD-10. They were one of the first companies to full understand what ICD-10 involves. The company's management says that learning these new codes takes education, time and hard work. Before these codes were implemented, there were only around 14,000 diagnosis codes in ICD-9. Now, there are 69,000. This is almost 5 times as much.
This company is now offering free phone consultations to physicians and healthcare providers wanting to outsource their medical billing. Many physicians today do not understand how these new codes work. A lot of physicians and hospital administrators are asking themselves, "How can I submit these claims properly if I don't understand the new codes?" Social media is buzzing about these new codes because most medical practices are not prepared. If a medical biller submits these codes incorrectly, a physician may have to wait as long as 90 days to see a payment. They may get rejected claims coming back to them if the paperwork is not prepared properly. The new codes also require new software because the new codes often require longer digits.
The company says that physicians can save both time and money if they outsourced their billing to a professional company that does this as their full time job. When you do a job full time, you tend to have more experience, knowledge and education in ICD-10. The company says that their clients are already seeing a higher return on their claims when they are submitted to the insurance companies. Medical billing is becoming more complex because the world of healthcare is changing fast. In other countries, there has already been a slowdown of billing and payment because of the new codes.
It is important that a coder has an overall knowledge of physiology and anatomy because they will now have to work closely with the doctors. It is now necessary to understand medical terminology. Ideal Billing Solutions works closely with their clients in order to educate them on these new codes. They find that this makes the process move along easier. Superbills may no longer be effective for saving time. These were once used to quickly code and diagnose. Now, insurance companies want to know more details about the progress of the patient and precise information. It appears that superbills are a thing of the past.
The new codes require doctors to be more specific in their documentation and to code their patients stages of healing. Doctors are already seeing more limitations on their services rendered. They are simply not getting paid as much as they used to. This is mainly because their paper work is not being submitted correctly.
Management says that a lot of physicians' offices are already seeing a slowdown in their accounts receivables and a decrease in cash flow. This is mainly due to the fact that these medical practices often do not understand ICD-10. Without correct knowledge of these new codes, there will be more confusion and rejected claims. Outsourcing your coding to a professional medical billing company that understands these new codes will often get you paid faster and correctly.